For UK CEOs, cyber-security is an investment opportunity

KPMG report claims majority of CEOs see cyber-security as an opportunity to find new revenue streams.

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CEOs across the UK are increasingly seeing cyber-security not as a burden, but rather an investment opportunity, a new study has claimed.

The KPMG CEO Outlook 2017 report, based on a poll of 150 CEOs in the UK, found that 70 per cent considered investing in cyber-security an opportunity to find new streams of revenue.

The report also found that cyber-security is increasingly falling under the CEOs’ agenda, signalling a shift from CIOs and CISOs. More than three quarters (77 per cent) of CEOs agreed with the statement: ‘I am personally comfortable with the degree to which mitigating cyber risk is now part of my leadership role’.

Paul Taylor, UK head of cyber security at KPMG, said: “It’s great that business leaders are finally seeing cyber security investment as a positive figure on the balance sheet rather than a negative one. However more needs to be done to make sure their businesses are prepared in the event of a cyberattack, whether it’s from external sources or even insiders.”

Despite the positive news, it was said that business leaders aren’t totally prepared for a cyber-event such as an employee-led data breach, or data theft. Just above half (52 per cent) said they’re ‘fully prepared’ for such scenarios.

“With recent high profiles attacks like Wannacry hitting the press, cyber security should be on every CEO’s radar. Businesses now need to match their investment in innovative technology with their investment into cyber security, in order to stay one step ahead of cyber criminals,” concluded Taylor.